The former Gunners captain, who left the club for Barcelona in 2007, has been training at London Colney during the Major League Soccer off-season and has impressed Wenger who is looking for short-term cover while Gervinho and Marouane Chamakh are away on Africa Cup of Nations Duty.
Speaking at his weekly press conference before Saturday’s match against QPR, Wenger said a loan deal was not fully complete yet but “will certainly happen” if insurance agreements can be reached with his parent club.
“It can only be positive,”, he said, “because he has exceptional talent. He is experienced, he is quality, and can help the players on and off the pitch. He has still class, pace and quality. He is here to help the club he loves. But we must not put too much pressure on him. He is 34. He needs two good weeks’ work. He is here to help – not suddenly be the main player.”
“It shows that Arsenal is always special to players, such as Sol Campbell, Jens Lehmann and now Thierry. When Robin and Thierry play together we will do very well.”
Henry could feature in seven Premier League games, including the matches against Manchester United and Tottenham, as well as FA Cup ties and the first leg of Arsenal’s Champions League last-16 game against Milan.
If agreement is reached with Red Bulls he could start his second Arsenal spell in the FA Cup third-round tie against Leeds on 9 January after impressing Wenger with his sharpness during training.
Henry, meanwhile, has clearly felt at home back in London and was moved to tears when a statue of him was unveiled at the Emirates Stadium this month, along with those of Tony Adams and Herbert Chapman.
Wenger added: “He is very happy and very modest about it. It was my idea and he was happy with the idea.”
Henry scored 226 times in 370 appearances for the club before moving to Barcelona.